CEE-focused investor and developer Globalworth has expanded its presence in the Romanian logistics market by acquiring a last-mile project in the central city of Targu Mures.
The 18,000 m2 property is being purchased together with local developer Global Vision, representing the third project in their joint venture partnership.
The JV is investing €11.6 mln in the project, including land.
The Mures City Logistics property will feature temperature-controlled units, ‘a niche market with very good prospects in Romania’, according to Globalworth.
The facility, which has a total land area of 37,900 m2, is expected to be delivered in Q1 2023.
Following this transaction, Globalworth is present in seven major cities in Romania: Arad, Bucharest, Constanta, Oradea, Pitesti, Târgu Mures and Timisoara.
The company’s focus is on offices and logistics/light industrial properties, a market that has grown strongly in the last five years. With the latest purchase, it has become one of the largest landlords of logistics/light-industrial properties in Romania, with a portfolio of 368,000 m2 of standing GLA and a further 725,500 m2 of GLA to be developed in phases.
